people
Who is known for developing the theory of the "invisible hand" in economics?
Adam Smith
If the price of a substitute good increases, the demand for the original good will likely:
Increase
more inelastic means....
more tax
Jerome Powell is the
Chairman of the Federal Reserve Bank
Opportunity costs measures _____________________
what you could have been doing
Who established the Ex. Order 6102?
FDR
When there is a price ceiling below the equilibrium price, what is the likely market outcome?
Shortage
More elastic means...
The federal deficit is approximately _______
$2 trillion
The property of society getting the most it can from its scarce resources is called
efficiency
Who founded Blackrock?
Larry Fink
Two goods are complements when a decrease in the price of one good
increases the demand for the other good.
elastic is a horizontal slope, inelastic is vertical
Federal Debt Approx.
36 T
The maximum price that a buyer will pay for a good is called
WTP
What refers to a digital form of currency issued by a country's central bank?
CBDC
If there is a shortage of a good in the market, what is likely to happen to the price of that good?
The price will increase.
What equation do we use to find total surplus?
1/2 B x H for CS and PS, then add
Executive Order that ordered U.S. citizens to turn in their gold coins, gold bullion, and gold certificates to the Federal Reserve in exchange for paper currency at a set price of... (i want EO, year, and price)
6102, 1933, $20/ounce
Rent limits are a form of
Price control or price ceilings
What organization provides deposit insurance to protect depositors in U.S. banks?
FDIC
In a market where the demand for a good is perfectly inelastic, what will happen if the government imposes a tax on producers? (give me what will happen to price paid by consumer)
The price paid by consumers will increase
more DWL, and less DWL
The median house in the US currently is approximately
$417,000
Explain what makes something binding vs nonbinding, price ceiling and price floor.
A price ceiling is binding if it is set below the equilibrium price.
A price floor is binding if it is set above the equilibrium price